Buffett is dumping BofA stock again and may soon be trading in secret

(Bloomberg) — Berkshire Hathaway Inc . Warren Buffett’s (BRK-B) won’t have to quickly disclose his rapid sales of Bank of America Corp. stock. (BAC) too long. That is, if they keep reducing the investment.

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A new round of disposals, revealed on Friday evening, reduced the conglomerate’s stake in the bank to 11.4%. As long as Berkshire owns more than 10%, US rules require it to disclose the transactions within days. But if the company owns less, it can wait weeks to update the public — typically by providing snapshots after each quarter.

That would help calm the drama weighing on BofA’s share price since mid-July, when Buffett — a longtime supporter of Chief Executive Brian Moynihan — embarked on a selling spree without giving a reason. Berkshire has since raised a total of $6.2 billion.

In sales announced Friday, Berkshire sold about 21 million shares for $848 million from Aug. 28 to Aug. 30.

Buffett, 94, began building his Bank of America investment through a $5 billion deal in 2011 for preferred stock and warrants. His Berkshire Hathaway eventually became — and remains — the bank’s largest shareholder, with a stake worth about $36 billion based on Friday’s closing price.

“With the help of Peter Eichenbaum.”

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